Mining PRs and the Ottotrans™, Part 45

Today's foray into the wild world of the junior mining news release turns its attention to Exeter Resources (XRC.to) (XRA) and this finely worded missive emitted by the company this very morning.

This is what they wrote:

Press Release Source: Exeter Resource Corporation On Tuesday September 13, 2011, 6:30 am EDT

VANCOUVER, BRITISH COLUMBIA--(Marketwire -09/13/11)- Exeter Resource Corporation (TSX: XRC.TO - News) (AMEX: XRA - News) (Frankfurt: EXB.F - News) ("Exeter" or the "Company") is pleased to report that the Chilean government has granted the Company a 10,726 hectare water exploration concession. The concession provides a second potential water source for the Caspiche gold-copper project. The concession is located approximately 100 kilometres (60 miles) north of Caspiche, at an elevation of 4,700 metres above sea level.
The aquifer is within the same high altitude region of the Andes where other mining companies hold granted water rights. The source of the water is seasonal snowmelt trapped by volcanic barriers and which is considered unlikely to make its way to the coastal plains. Water harvesting from such a basin would not be considered to have a negative impact on present and future supplies relied upon by coastal communities.
The Company expects to initiate a water exploration program comprising field mapping, geophysics, drilling and pump testing during Q4 2011, weather permitting.
Applications for two additional water exploration concessions in the area are still being processed by the relevant government authorities. Following approval, exploration programs will be extended to cover these concessions.
A mine at Caspiche is estimated to require less than 100 litres/second for the initial heap leach gold phase of the mine, rising to as much as 1,000 litres/second for a full scale sulfide mining operation.
In addition to the water exploration rights reported in this release, on February 8, 2011 (http://exeterresource.com/pdf/2011_news/Exeter_news_110208.pdf) Exeter reported an option over water rights of 300 litres/second from local owners. The seasonal thaw in October will allow us to continue with the baseline water flow program covering these water rights started earlier this year.
Exeter has retained specialist consultants to develop a water balance in the area with the objective of demonstrating that the use of these water rights for a mine at Caspiche will be sustainable over the project life. This will provide a technical basis for an application to the relevant authorities for permission to proceed with the installation of the necessary pumping and delivery infrastructure.
Exeter is continuing to study the availability of water in the region and to negotiate with other parties for the purchase or rental of water rights. The Company and its consultants are taking a constructive approach to Caspiche's water needs and the overall sustainability of the water resources needed by the mining industry.
In addition, the Company is pleased to report that the Pre-feasibility Study for the Caspiche Project, including in-pit crushing and conveying of waste rock remains on schedule for completion before the end of 2011.
About Exeter 

 And this is what it means:

We got no water

Mining PRs and the Ottotrans™, Part 42

Today's attempt to wade through the mining industry's purple prose and get to a grain or two of truth is based upon this morning's NR from Rick Van Alphabet and the guys at Nadagold (NG):

This is what they wrote:

Press Release Source: NovaGold Resources Inc. On Thursday June 23, 2011, 9:00 am

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/23/11) - NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) announces significant advancement towards completion of the prefeasibility study on its Galore Creek copper-gold-silver project ("Project") located in northwestern British Columbia. The study is being prepared by Galore Creek Mining Corporation ("GCMC"), owned equally by subsidiaries of NovaGold Resources Inc. ("NovaGold") and Teck Resources Limited ("Teck").

Completion of the prefeasibility study is expected by the end of July 2011 and AMEC Americas Limited, an independent supplier of engineering and project management services, is concurrently preparing a National Instrument 43-101 compliant technical report. Upon receipt of the technical report, NovaGold will announce the results and file it on SEDAR and EDGAR within 45 days of the announcement.

The partners have approved a $30.5-million budget to carry out further work on the Project during the remainder of 2011. Planned work includes infill drilling to convert inferred mineral resources to measured and indicated categories, geotechnical drilling on the tunnel alignment and geotechnical drilling to confirm open pit slopes in areas targeted for conversion of inferred mineral resources. GCMC will also complete further environmental and engineering work in preparation for feasibility level studies.

"Completion of the prefeasibility study will be an important milestone as we work with Teck to optimize the Galore Creek project," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "Galore Creek is one of the most significant copper-gold projects in the world. Its timely development is important for all stakeholders, including Federal and Provincial governments as well as First Nation communities of northwestern British Columbia."

During the second quarter of 2011, Teck completed its funding requirements of $373 million to earn its 50% interest in GCMC. The Project will move forward with Teck and NovaGold equally funding further Project development.

And this is what it means:

Press Release Source: NovaGold Resources Inc. On Thursday June 23, 2011, 9:00 am

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/23/11) - We cool dudes at NadaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) want to remind you all about what's happening at Galore Creek, because since the Kaplan guys sold oodles of shares earlier this year the stock is down about $5 to $9. So anyway, remember Galore Creek? Yeah that's right, the project we brought on board back in 2003 is now aggressively moving to a pre-feas stage! Wowsers, nobody can ever accuse us of dragging our heels, can they? Well in fact that's a bit wrong, because back in 2006 we already had a Full Bankable Feasibility Study done on Galore Creek that put the capex at U$1.8Bn....but then things got a bit smelly and we found out that the real cost of capex would be up to U$5Bn (yeah, five billion dollars) and so our JV partner Teck told us where we could stick our plans. So anyway, here we are nearly four freakin' years later and the new SparklySpangly Pre-Feas is nearly ready and we sure hope that you fall for our smoke'n'mirror exercise one more time, because so far you New York based sheep have been great to us.

Oh, and by the way, Teck has fulfilled its payment obligations on the JV now and so from today there's no more free ride on Galore Creek and we're going to have to burn your money on this dog that will never be a mine, new power line through the joint or not. 

Love and Kisses, Rick!

UPDATE: Message to Ian Bezek: "Widely respected?" You gotta be kidding dude...that's the last thing we'd want to be known as round these parts.

Mining PRs and the Ottotrans™, Part 41

Today we go with another one in our occasional series that uses the world famous and patented Ottotrans™ to take the gobbledegook English oft encountered in news releases out of junior mining company and turn it into something that reasonable people can grasp. Today's example comes from Zincore Metals Inc. (ZNC.to) and looks at the company NR was first seen after the bell last night.

This is what they wrote:

JUN 8, 2011 - 16:20 ET

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Zincore Metals Inc. (TSX:ZNC)(BVLAC:ZNC) ("Zincore" or the "Company") reports that, due to adverse market conditions following the recent Presidential election in Peru, it is revising the terms of the brokered private placement of units originally announced on May 24, 2011. Under the revised terms, the Company will seek to raise gross proceeds of up to $6.4 million on a best efforts basis. Units will be priced at $0.28 per unit and will be comprised of one common share and one-half common share purchase warrant ("Warrants"). The Warrants will be non-transferable and each whole Warrant will entitle the holder to purchase one common share at a price of $0.40 for up to 36 months. Dundee Securities Ltd. is acting as the sole agent on this financing. 
Zincore CEO and President, Jorge Benavides, commented "The result of the recent Presidential election in Peru has created significant short term volatility in the market. For this reason, it has become necessary for us to amend the terms of our proposed financing. The fact that we are still raising these funds to carry out our programs in Peru is a testament to our belief that Peru will remain a good place to do business."
The net proceeds of the offering will be used to fund the development of Zincore's mineral properties in Peru and for general corporate purposes. 
The common shares issued with respect to this offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
The closing of this offering is expected to occur on or about June 15, 2011 and is subject to receipt of all necessary regulatory approvals including that of the Toronto Stock Exchange.
Any participation by insiders of the Company in the Offering, which participation will be subject to the approval of the independent directors of the Company, will be on the same terms as the arm's length investors and at or below their current pro-rata percentage ownership.
This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

And this is what it means:

Zincore CEO and President, Jorge Benavides, commented "The result of the recent Presidential election in Peru has tanked our stock to kingdom come. For this reason, it has become necessary for us to cut the price of of our proposed financing otherwise nobody's gonna go near it, we'd be left with diddlysquat in the treasury and wouldn't be able to carry out our programs. The fact that we are still desperate to raise these funds to carry out our programs in Peru overrides the wishes of current shareholders so we've decided to dilute their asses even more than even they expected."

DYODD.

Mining PRs and the Ottotrans™, Part 40

Our occasional series today features yesterday's NR from the serial sophists at South American Silver (SAC.to), the mini-nadagold currently trying to bunko people into investing in Bolivia because it's all nice and safe and that.

This is what they wrote:

Press Release Source: South American Silver Corp. On Wednesday May 4, 2011, 6:16 pm EDT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/04/11) - South American Silver Corp. (TSX:SAC - News)(PINK SHEETS:SOHAF - News) today provided an update on the situation in Bolivia and the Malku Khota silver-indium project. Over recent days media coverage has reported that Bolivian officials were making changes to legislation from 1985, which among other things had allowed for the privatization during the 1990's of the operatorship of certain specific mines owned and operated by COMIBOL (the Bolivian State Mining Corporation), but that now are under operating agreements directly or indirectly with COMIBOL.

Bolivian government officials have confirmed that these changes are primarily focused on the COMIBOL owned mines and private investments in mining will continue to be respected. Specifically, South American Silver has been assured by government officials that its 100% owned Malku Khota project will not be impacted by these proposed changes for government owned mines. The Company confirms that the Malku Khota project is a private investment and that there has never been COMIBOL involvement in the project. The Company also confirms that its concessions covering over 50 square kilometers are in good standing.

Recently, the Bolivian press reported that the Bolivian Vice Minister of Mining emphasized the government's wishes to attract foreign investments in mining and respect legal security and private investment. In that same article, the Vice Minister further stated that the Bolivian government intends to support the development activities at South American Silver's Malku Khota project this year as one of the largest new mining projects in the country.

Greg Johnson, President and CEO of South American Silver, stated "With the completion of the recent positive Preliminary Economic Assessment study on the Malku Khota project the Company is moving into Pre-Feasibility study activities for the remainder of 2011 and into Feasibility in 2012. We appreciate the support from the Bolivian government for the development of the Malku Khota project. The project has the potential to become one of the largest new primary silver producing mines in the world and would also be one of the largest producers of the high-technology metals, indium and gallium. At conservative base-case metal price assumptions of $18/oz silver, cash flows, project valuations and rates of returns have all strengthened considerably over previous studies, highlighting the value of this long life asset. The successful development and operation of the project will provide significant economic benefits to the local region and to Bolivia as a whole."

And this is what it means:

Dear suckers: Will you please stop selling our stock? Pleeeease??

x

Mining PRs and the Ottotrans™, Part 39

Today's Miner-NR-Into-Normal-English falls to Sinchao Metals (SMZ.v):

This is what they said:

TORONTO, ONTARIO--(Marketwire - April 20, 2011) - The Board of Directors of Sinchao Metals Corp. ("Sinchao" or the "Company") (TSX VENTURE:SMZ) reports that, further to the announcement made on February 7, 2011, regarding the ownership status of four of the property claims comprising the Sinchao Project, it has determined that title to the claims were not properly transferred to a subsidiary of Andean American Gold Corp. ("Andean"), the party that purported to transfer the claims to Sinchao. As a result neither Andean nor Sinchao holds any proprietary interest in the claims, which claims contain approximately 40% of the inferred resource previously disclosed by the Company. The Company has been striving to reach an agreement with the parties that Andean originally dealt with in order to remedy the deficiencies in title however it has been unable to reach such an agreement. The Company is therefore not optimistic that it will be able to remedy the deficiencies in title, and will make the necessary adjustments to its financial statements to reflect the write down of these four properties.

And this is what it means:

We're screwed.

ddx
UP

 UPDATE: SMZ just opened after being halted all day:

The SMZ mothership, AAG.v, having a bit of a drop too.

When an IKN reader hijacks the Ottotrans™

Your humble scribe got this mail from A. Reader yesterday, which was 1) fun 2) worthy of sharing and 3) spot on with its economic geology...unlike the BS merchant who wrote the NR for Nuinsco (NWI.to). Read on....

Title: You  should run this through the Ottotrans™

 

I love the part I underlined (and now in red)... Translation: "extremely low-grade mineralization suggests the potential for high-grade mineralization". Freedom is slavery, ignorance is knowledge...

And, uhh, uranium values exceeding 1 ppm are "accepted as being significant"?? They're also accepted as occurring almost everywhere on Earth. Hmm...

TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Nuinsco Resources Limited (TSX:NWI - News; www.nuinsco.ca) today announced that recent drill results grading up to 71 parts per million (ppm) uranium (U) continue to indicate the potential for high-grade uranium mineralization at its Diabase Peninsula project in Saskatchewan's Athabasca Basin.

"Uranium values exceeding 1ppm are accepted as being significant, with values exceeding 10ppm suggesting the presence of an alteration zone and the distinct possibility of a lens of high grade mineralization in the immediate vicinity," said Nuinsco President Paul Jones. "Drilling has encountered such significant uranium grades at numerous sites on the property, including our November-December 2010 program where uranium values peaked at 71ppm."

The November-December drilling tested coincident TEM and Gravity geophysical targets near to holes from a 2007-2008 drilling program which encountered highly-anomalous uranium values of up to 707ppm U (0.083% U3O8) located at or near the contact between the sandstone layer and graphite-bearing basement rocks (the "Unconformity") - the prime site for the occurrence of uranium deposits in the Athabasca Basin.

All holes in the five-hole, 2,321m program returned uranium values as follows:

-- ND10-01 encountered 14.69m of 25.29ppm U from 378-392.69m, including 71
ppm U over 2.61m immediately at the Unconformity;
-- ND10-02 averaged 4.26m grading10.8ppm U below the Unconformity;
-- ND10-03 cut 18m of 18.06ppm U straddling the Unconformity from 379.5-
397.5m;
-- ND10-04 drilled from the same setup as ND10-03 encountered 19.25m of
11.99ppm U at the Unconformity. The final sample of the interval graded
24.8 ppm U; and,
-- ND10-05 intersected1.5m grading 14.9ppm U below the Unconformity.

"These results continue to enhance our understanding of the geology at Diabase, and are sufficiently encouraging that we have begun another round of drilling," Mr. Jones added. "This 2,000m program will again concentrate on the core of the property where numerous factors point to the possibility of a nearby uranium deposit."
Analytical facilities of the yada yada continues here

Mining PRs and the Ottotrans™, Part 36

Today's attempt to decipher mining-news-release-English into something that sentient beings have a chance of understanding comes from the IR department of Paladin Energy Ltd (PDN.ax) (PDN.to):

This is what they wrote:

PERTH, WESTERN AUSTRALIA--(Marketwire - March 16, 2011) - Paladin Energy Ltd. (TSX:PDN - News; ASX:PDN - News; "Paladin" or the "Company") expresses its deepest condolences to the people of Japan following the tragic events of Friday 11 March 2011. "We are very saddened by the catastrophic events and extreme loss of life following the dual natural disasters of an earthquake and tsunami", stated John Borshoff, Managing Director/CEO of Paladin. "We are encouraged that Fukushima plant managers are making public safety their highest priority and although the situation remains of grave concern it seems to be progressing slowly towards stabilisation of the damaged reactors".

Paladin has had numerous queries regarding its business with Japan and the impact of recent events. While the Company endeavours to work with all participants in the nuclear sector and is developing a regional diversified sales portfolio, it does not currently have a commercial relationship with Japanese utilities. Paladin has a strong balance sheet with US$251.8M in cash as of 31 December 2010; is on track to produce 6Mlb to 6.3Mlb U3O8 in FY 2011; and commissioning of Langer Heinrich Mine Stage 3 expansion to 5.2Mlb U3O8 will occur in April giving the Company an installed capacity to provide 8.5Mlb U3O8 pa.

Paladin continues to believe that the medium and long-term outlook for nuclear power remains positive and that recent events could further exacerbate the supply situation, ironically putting Paladin in an even better position with respect to global demand. There are more than 440 nuclear reactors operating safely around the world and growth of the fleet is assured with the 62 reactors currently under construction, with further expansion forecast from the emerging nuclear economies.

Paladin will hold a conference call regarding the Japanese nuclear situation on Thursday 17 March details below (continues here)

And this is what it means:

We're fucked.

UPDATE: Two images to share. First this one, the intraday chart of PDN.to so far:

Then this one (Mex guise by reader request):

Thorium and soda served, the end

Mining PRs and the Ottotrans™, Part 35

The latest in our occasional series that tries its darndest to translate corporate babble into real English takes in this afternoon's NR from Western Uranium Corp. (WUC.v):

This is what they wrote:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2011) - Western Uranium Corporation (TSX VENTURE:WUC - News; "the Company" or "WUC") is pleased to announce that the Board of Directors of the Company has approved, subject to regulatory approval, a change of name of the company to Concordia Resource Corp.
The proposed change of name reflects the Company's strategy for expansion through acquisition and exploration globally, and through a shift in focus from uranium into a more diversified exploration and development company.

And this is what it means:

"Miss Jones?"
"Yes Mr. Flood?"
"That's the last freakin' straw! Get on to the lawyers and get that godforsaken word out of my corporate title NOW!"
"Right away, Mr. Flood."

DYODD, dudettes and dudes.

Mining PRs and the Ottotrans™, Part 34

Today no less a figure than Eric Sprott gets to step into the Ottotrans™ limelight thanks to his comments in yesterday's NR out of Sprott Physical Silver Trust (PHS.U.to)(PSLV):

This is what they said:

Sprott Physical Silver Trust Updates Investors on the Delivery Status of its Silver Bullion Purchases

TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to provide investors with an update on the delivery status of silver bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV, TSX: PHS.U) ("Trust"). 

As of November 10, 2010, the Trust had contracted to purchase a total of 22,298,525 ounces of silver bullion. As of December 31, 2010 a total of 20,919,022 ounces of silver bullion had been delivered to the Trust. The Trust expects to take delivery of the final 1,379,503 ounces of silver bullion by January 12, 2011 and will subsequently publish the serial numbers of all bars held by the Trust on its website: www.sprottphysicalsilver.com. 

"Frankly, we are concerned about the illiquidity in the physical silver market," said Eric Sprott, Chief Investment Officer of Sprott Asset Management. "We believe the delays involved in the delivery of physical silver to the Trust highlight the disconnect that exists between the paper and physical markets for silver." 

Additional detail on the Trust can be found in the final prospectus available on EDGAR (www.sec.gov/edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.

And this is what it means:

Sprott Physical Silver Trust Updates Investors on the Delivery Status of its Silver Bullion Purchases

TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to provide investors with an update on the delivery status of silver bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV, TSX: PHS.U) ("Trust").

As of November 10, 2010, the Trust had contracted to purchase a total of 22,298,525 ounces of silver bullion. As of December 31, 2010 a total of 20,919,022 ounces of silver bullion had been delivered to the Trust. The Trust expects to take delivery of the final 1,379,503 ounces of silver bullion by January 12, 2011 and will subsequently publish the serial numbers of all bars held by the Trust on its website: www.sprottphysicalsilver.com.

"Frankly, we know exactly who our potential investors are, that bunch of wild-eyed tinfoilhat silverbugs who want to invest in silver bullion but don't trust anyone with their cash," said Eric Sprott, Chief Investment Officer of Sprott Asset Management. "We believe that rattling on about delays involved in the delivery of physical silver to the Trust, however marginal and unimportant, will stoke the fears of these nutters a bit more and get them running to us instead of that  freakin' SLV ETF that's taking all our business. It's funny if you think about it, because if the financial system goes down the drain we're all screwed and you won't be able to monetize the silver bullion we're holding for you, but we're pandering to paranoia here and not trying to be logical. Business is business, you know."

Additional detail on the Trust can be found in the final prospectus available on EDGAR (www.sec.gov/edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.

Mining PRs and the Ottotrans™, Part 33

And so it came to pass that Mercer Gold (MRGP.ob) is the lucky recipient of 2011's first Ottotrans™.

This is what they wrote:

DENVER, Jan. 4, 2011 /PRNewswire/ -- Mercer Gold Corporation ("Mercer Gold" or the "Company") (OTCQB: MRGP; AN4 -Frankfurt) has received confirmation of positive results of both gold and silver values from Hole MGDH-02 from the Guayabales Gold Project in the Marmato District in Caldas Department, Colombia.
Hole MGDH-02, drilled to a depth of 300.5 meters from the same pad as MGDH-01/01A at an angle of -60 degrees intercepted 4 meters of 2.00 grams per tonne gold and 33.5 grams per tonne silver within a broad area of anomalous values in the Encanto Zone. Similarly, the predicted parallel zone to the Encanto mineralization was also encountered.
Gold and silver values are now available for both zones and are shown in the table below.

Hole MGDH-02
Interval	Length (m)	Est. True Width (m)	Grams/tonne Au	Grams/tonne Ag
70.0-74.0	4	2.6	2.0	33.5
108.0-112.0	4	2.6	0.741	7.0

James Stonehouse, Mercer's Country Manager states, "These results show the continuity of the structural environment we are looking for. The anomalous areas are about the same width or slightly greater, so I suspect we will find more strongly mineralized areas in this structure as we move forward."

Mercer has recently completed hole MGDH-03, its third drill hole on the Guayabales Project and expects results shortly.  Drilling has resumed after a break for the holiday season in December and will investigate other possible targets at Guayabales, while continuing to further define the Encanto Zone.
Rahim Jivraj, Mercer's President and CEO states, "It's encouraging to see the results of this hole since it was drilled with the same orientation, but with a different angle from the same drill pad as MGDG-01/01A. It starts to substantiate the depth of the zone. I look forward to the results from our third hole and other proposed holes. We are especially interested in those along the Guayabales southern border and adjacent to the Marmato / Echandia trends."
The Company is also pleased to report that it has amended the exploration expenditure commitments under the Mineral Assets Option Agreement. The amended terms contemplate $750,000 to be spent in 2010, $5,750,000 in 2011, and $5,000,000 in 2012 respectively.

And this is what it means

DENVER, Jan. 4, 2011 /PRNewswire/ -- Mercer Gold Corporation ("Mercer Gold" or the "Company") (OTCQB: MRGP; AN4 -Frankfurt) has received a whole heap of crappy gold and silver values from Hole MGDH-02 from the Guayabales Gold Project in the Marmato District in Caldas Department, Colombia but is determined to slap a kilo of lipstick on this pig and try to pass off the pisspoor results as something positive and encouraging.

To that end, we publish the mediocre grades but immediately launch into a whole bunch of geological babble to try and pull the wool over the eyes of those stupid enough to have believed us in the first place and who have already bought into our spiel. We understand the power of suggestion and affirmation because that's exactly how this type of scam manages to survive more than a few weeks. 

The company is also pleased to report that we managed to re-negotiate optioning terms with the local owners of our property. This is because we didn't spend enough money on the property in 2010 due to the fact that we have no cash to spend. We're now obliged to spend $5.75m in 2011 which means that either we're going to dilute your asses to kingdom come or that we're going to lapse on the terms of the deal at the end of 2011 and lose the whole shebang.

DYODD, dude.

Mining PRs and the Ottotrans™, Part 32

Today it's the turn of our old pal Metanor (MTO.v).

This is what they wrote:

VAL-D'OR, QUEBEC--(Marketwire - Dec. 14, 2010) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO - News) is pleased to provide an update on its activities at the Bachelor Lake Gold Project.
BACHELOR LAKE MINE
As mentioned in the press release dated October 4th, Metanor is beginning to sink the shaft another 600 ft to develop two new levels. These 2 levels will provide access to the lower portion of the mine's 43-101 resource and allow the completion of a bulk sample targeted at 5,000 tonnes.
On November 3rd, the mining contractor brought their shaft sinking equipment to switch from rehabilitation to sinking mode. As of December 13th, the commissioning is nearly completed and on schedule. The first blast, at the shaft bottom, is planned before year-end.
In parallel, the project team is progressing on the Pre-feasibility Study at Bachelor Lake Gold Project. Metanor has selected Stantec Inc. (TSX: STN - News) as an Independent Consultant to complete the Pre-Feasibility Study in collaboration with Metanor's project team. Before year-end, the company is planning to release the pre-feasibility numbers including the reserves for this project.
BACHELOR LAKE-POTENTIAL NEW ZONE (DIAGNOS Target)
Due to the recent excellent grab samples, Metanor initiated a stripping campaign and has removed minor surface overburden to access the structure on both sides of the main road to the mill. The structure which is visible now is close to 300 feet long by about 30 feet wide and is still open in all directions. Further, a diamond drill rig is presently on site and has commenced a 1,000m drilling campaign on this promising new zone only 3 km from the Bachelor Lake Mill. Results are pending and should be released before year-end.

And this it what it means:

VAL-D'OR, QUEBEC--(Marketwire - Dec. 14, 2010) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO - News) is pleased to provide an update on its activities at the Bachelor Lake Gold Project. We are currently spending the last chunk of money raised in the latest of a never-ending sucession of dilutive financings at a really good rate of knots and will be able to run the usual bullshit smoke and mirrors operation on you suckers once the results are in and our PR company puts together a flashy news release or two. Give it a month or two for our latest round of to da moon Alice pump jobs and we'll then run yet another dilutive financing on your hapless tushes, but don't worry 'bout that cos you can always come and visit us. We're really nice guys and you get to eat poutine once the tour is over. 

Mining PRs and the Ottotrans™, Part 31

Today's episode of the Ottotrans™ comes from Mirasol Resources (MRZ.v) and concerns this chart, too:

This is what they wrote:

Press Release Source: Mirasol Resources Ltd. On Wednesday November 24, 2010, 3:28 pm 

VANCOUVER, Nov. 24 /CNW/ - At the request of IIROC, Mirasol Resources Ltd. (TSXV-MRZ and Frankfurt: M8R ("Mirasol" or the "Company") wishes to confirm that the Company's management is unaware of any material change in the Company's activities that would account for the recent increase in market activity.

Mirasol Resources Ltd. is a TSX Venture listed company engaged in precious metals exploration in Chile and Argentina.

And this is what it means:

Press Release Source: Mirasol Resources Ltd. On Wednesday November 24, 2010, 3:28 pm 

VANCOUVER, Nov. 24 /CNW/ - At the request of IIROC, Mirasol Resources Ltd. (TSXV-MRZ and Frankfurt: M8R ("Mirasol" or the "Company") wishes to confirm that the Company's management hasn't spoken to John Tognetti for like ages, man.

Mirasol Resources Ltd. is a TSX Venture listed company engaged in precious metals exploration in Chile and Argentina.

Mining PRs and the Ottotrans™, Part 25

Today we run the Ottotrans™ over the latest news release from Metanor (MTO.v):

This is what they said:

VAL-D'OR, QUEBEC, Sep 16, 2010 (MARKETWIRE via COMTEX) -- Metanor Resources Inc. ("Metanor") is pleased to announce that the Company has been informed by its consultants that it will receive tomorrow the results of the NI 43-101 resource calculation on its very promising Barry Property. The Company plans to disseminate these results by way of press release Tuesday the 21st of September, 2010. 

Metanor Resources Inc. would again like to thank all of its shareholders for their confidence and their patience during this waiting period. 

Mr. Andre Tremblay, P Eng. is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release. 

133,595,947 outstanding shares. 

The TSX Venture Exchange neither their regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this release.

And this is what it means:

VAL-D'OR, QUEBEC, Sep 16, 2010 (MARKETWIRE via COMTEX) -- Metanor Resources Inc. ("Metanor") is pleased to release this very important news release that explains we'll be releasing an even more important very important news release once this news release is released. We know we've told you that the results of the NI 43-101 resource calculation were coming on several occasions recently but this time we're serious, ok? We're so freakin' serious that we're releasing this news release to tell you that the news release really is going to be released next week.

Metanor Resources Inc. would like to thank all of its suckers for riding this no-win stock all the way through our ridiculously exaggerated dilutive policies. 

Mining PRs and the Ottotrans™, Part 21

Today we check in on Baja Mining (BAJ.to) and its news release this morning that saw the stock pop 12%.

This is what they wrote:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/29/10) - Baja Mining Corp. (TSX:BAJNews)(Pinksheets:BAJFF - News)(PINK SHEETS:BAJFF - News) ("Baja") today announced that its 70% owned project company, Minera y Metalurgica del Boleo S.A. de C.V. ("MMB"), has received all necessary credit approvals from the Export-Import Bank of the United States ("Exim Bank") and Korea Development Bank ("KDB") to provide US$573 million in senior and subordinated project financing for the construction of the Boleo Project in Mexico. -

Baja continues to work on obtaining credit approvals from Export Development Canada ("EDC") (also serving as technical agent for the facilities) and a group of commercial banks for, respectively, the remaining US$150 million and US$100 million of loans, consisting of senior project and cost overrun debt facilities. When combined with the Exim Bank and KDB elements of the facilities, this total of US$823 million will be the entire amount of required debt financing for Boleo. Further details concerning approvals for the commercial bank tranche of the financing are anticipated in the near term.

--------------------------------
  PROJECT FINANCING (US$ m)
--------------------------------
EXIM Bank                    419
--------------------------------
EDC                          150
--------------------------------
KDB                           90
--------------------------------
Commercial Banks             100
--------------------------------
Total                        759
--------------------------------
  SUBORDINATED DEBT (US$ m)
--------------------------------
KDB                           64
--------------------------------
TOTAL                        823
--------------------------------

"The credit approval of these two key elements of the project debt facilities is truly an historic event in the development of the Boleo Project," says John Greenslade, President and CEO of Baja. "It is a testament to the confidence of those financial institutions in the Company, its management team and the Boleo Project, as well as in Mexico. This key milestone facilitates the development of the Boleo Project. We are pleased to have such a supportive and committed lending group."

Drawdown of the project financing will be subject to the receipt of EDC and commercial bank credit approvals, as well as a number of standard conditions precedent, including completion of satisfactory legal documentation, implementation of a hedging program and expenditure by Baja and its Korean partners of their required equity contributions. Under the facility documents, MMB will be required to enter into offtake agreements for at least 70% of copper and cobalt production for the first 10 years of production and to hedge 50% of copper production for the initial 3 years of production.

MMB is being advised by Endeavour Financial International Corporation, and is progressing documentation with the lending group with the aim of closing the transactions and recommencing construction at Boleo as soon as possible.

And this is what it means:

Well, we seem to have nailed down the largest part of the debt financing deal, but we don't have the money yet because they won't give it over until the other guys agree to fund their parts of the deal. So we don't have the financing yet but it's close, pretty promise. Just like it was 'close' in 2008, in fact.

Oh, we're not going to tell you just how much we've committed to the debt lenders either, because the deal might turn out to be really shitty for you retail guys and leave nothing on the table for equity holders. There's a few bits about "offtake" and "hedge" but no details or numbers or prices, so don't worry about that. We don't want to put you off buying right now, do we?

Mining PRs and the Ottotrans™, Part 20

Today, we have Ecometals (EC.v). Good ol' Ecometals, always up for bringing a laugh to the world and ready to entertain us. Coming right up is the front portion of yesterday's EC.v news:

This is what they wrote:

TORONTO, ONTARIO--(Marketwire - July 15, 2010) - Ecometals Limited (TSX VENTURE:ECNews; BERLIN:GDQ - News; FRANKFURT:GDQ - News) - -

Ecometals Limited announces receipt of analytical results from drill hole RZDDH10-03A and preliminary results from RZDDH10-06 on the Rio Zarza gold project in Ecuador. Geological evidence thus far indicates drilling is within the alteration envelope of a mineralized system, but has not yet intersected the high grade core. The Company plans to continue drilling based on the developing geological structural model of the pull-apart basin, using geochemical indicators and alteration as vectors to the centre of the system.

While the analytical results to date have only resulted in sub economic grade gold mineralization, the Company considers that the drilling results thus far are very encouraging, and the main geological results in support of continuation of the programme are (continues here)

And this is what it means:

TORONTO, ONTARIO--(Marketwire - July 15, 2010) - Ecometals Limited (TSX VENTURE:EC - News; BERLIN:GDQ - News; FRANKFURT:GDQ - News) -

Ecometals Limited announces receipt of analytical results from drill hole RZDDH10-03A and preliminary results from RZDDH10-06 on the Rio Zarza gold project in Ecuador. Geological evidence thus far indicates drilling is within the alteration envelope of a mineralized system that has no mineralization, but has not yet intersected the high grade core which doesn't exist. The Company plans to continue drilling based on the proven company policy of throwing sand in the eyes of the long-suffering saps known as their shareholders developing geological structural model of the pull-apart basin, using geochemical indicators and alteration as vectors to the centre of the system which sounds really important, doesn't it?

While the analytical results to date have only resulted in what we knew would be the results, the Company considers that the drilling results thus far are very encouraging because these Prozac pills are really cool and you ought to try them yourself one day too and the main geological results in support of continuation of the BS to string you all along (continues here)

Mining PRs and the Ottotrans™, Part 18

Today's Ottotrans™ is somewhat similar to the recent one concerning Greystar (GSL.to), but the company, metal and country are all different. Today we feature Western Copper Corp. (WRN.to) and its news release from late last night.

This is what they wrote:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/10/10) - Western Copper Corporation ("Western Copper" or the "Company") (TSX:WRN - News) was notified today by the Yukon Water Board that the Carmacks Copper Project's ("Project") Water Use Licence application has been denied.

Western Copper is disappointed by this unexpected decision.

The Company is concerned that the decision of the Yukon Water Board is inconsistent with previous decisions of the Executive Committee of the Yukon Environmental and Socio-economic Assessment Board, and the Yukon Government which, after a lengthy environmental assessment process, determined that the Project should be allowed to proceed and issued the Project a Quartz Mining Licence allowing construction to commence.

The Company will be reviewing the decision in more detail and determining its next course of action.

And this is what it means:

OH SHIT, WE'RE SCREWED AS WELL.

disclosure: no position in WRN.to

Mining PRs and the Ottotrans™, Part 16

Here comes another in our occasional series, when we take the guff contained in junior mining press releases and tell you what they're really saying. Today's featured PR is a little masterpiece and was sent along by kind reader 'MP'. After reading it took me a couple of minutes to stop laughing, in fact. The company's name is Orofino, it trades on the US OTC pinksheet market and is....well....see for yourself:

This is what they wrote:

Press Release Source: Orofino Gold Corp. On Monday April 12, 2010, 9:00 am

HONG KONG, April 12 /PRNewswire-FirstCall/ - Orofino Gold Corp. (PINK OTC: ORFG) ("Orofino Gold" or the "Company") is pleased to announce that as result of the recent site visit and meetings with Colombian Geologists who are well informed on this area, it has been determined that current estimates for the area are that each of the areas of lode mines may prove to contain more than 1,000,000 ounces of Gold with a Silver credit (as seen in the recent assay results).

While this model is of great interest to the company the current development program is targeting a very large, multi million ounce bulk minable porphyry Copper-Gold deposit which may prove to contain estimates exceeding 5 million ounces in precious metals with associated base metals.

And this is what it means:

Press Release Source: Orofino Gold Corp. On Monday April 12, 2010, 9:00 am

HONG KONG, April 12 /PRNewswire-FirstCall/ - Orofino Gold Corp. (PINK OTC: ORFG) ("Orofino Gold" or the "Company") is pleased to announce that as result of the recent site visit and meetings with Colombian Geologists who are well informed on this area, it has been determined that we're going to scam the investment community for all we can. We're going to pump this sucker via all the usual scummy bullboard paid posting techniques and e-mail spam pumps we know of and we're going to fleece every single one of the braindead sheep that are stupid enough to buy stock in this company.

But before we leave, we'd like you to consider the artistic beauty of the CV of Orofino's head honcho, John Martin. Resumés of this standard are wonders to behold indeed:

John T. Martin, Managing Director

Mr. John T. Martin was born and raised in Canada. He had the benefit of being educated in his formative years in both Ontario and Quebec. He graduated from the University of Toronto with a degree of Arts in 1972, and subsequently graduated with a LLB (Bachelor of Laws) from the University of Ottawa in 1975.

His first employment was with the Bureau of Intellectual Property in the Federal Government of Canada in the mid 70’s. From there Mr. Martin moved to British Columbia, where he enjoyed a busy practice as a lawyer in various firms including his own, until 2003. Mr. Martin’s preferred areas of Law were Securities, Immigration, Real Estate and Debt Realization.

During his legal practice, Mr. Martin had the chance of meeting many clients from across the Pacific whether they were Chinese or Asians and hence acquired a good network in both China and Asia. Mr. Martin was a regular visitor to South East Asian countries, Hong Kong, Korea, Taiwan and China, since 1985.

IKN also recommends spending a little time over at the SEC filings for this Orofino company, as if you're also a numbers wonk you'll probably find them as hilarious as this humble scribe did.

Mining PRs and the Ottotrans™, Part 15

We haven't done one of these for a while (late November, to be exact) but today marks the perfect occasion to wheel out another junior miner news release as put through Ottotrans™, as we try to decode the newsspeak into something that resembles normal English. Today's example comes from Colossus Minerals (CSI.to):

This is what they wrote:

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Colossus Minerals Inc. ("Colossus" or the "Company") (TSX:CSI - News) Colossus today announced that subsequent to the Company's press release issued on February 26, 2010, there have been numerous publications stating that the vote by COEMA (Conselho Estadual de Meio Ambiente) to grant an environmental license for the Company's Serra Pelada project was passed by a margin of 8 to 2. While the Company believes this information to be factual, confirmation will only be validated once an environmental permit is issued. The Company will provide an update as soon as more information is received.

And this is what it means:

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Colossus Minerals Inc. ("Colossus" or the "Company") (TSX:CSI - News) Colossus today announced that subsequent to the Company's press release issued on February 26, 2010, there have been numerous publications making us look really stupid by presenting facts that we wanted to keep quiet. We didn't realize that other people had access to the interwebs, you see. They pointed out that the vote by COEMA (Conselho Estadual de Meio Ambiente) to grant an environmental license for the Company's Serra Pelada project was passed by a margin of 8 to 2. While the Company believes this information to be factual, we really wanted to wait until President Lula da Silva arrives in Serra Pelada on his scheduled visit this month (March 2010) and wanted him to do the big protocol bit by presenting the environmental permit, because it would have made for the best photo-opportunity ever and leaking the news now steals some of our thunder. Therefore we will try to play dumb on the whole story and the confirmation will only be validated once an environmental permit is issued, even though company insiders bought 153,600 shares on Friday. The Company will provide an update as soon as more information is received.

Previous PRs put through the Ottotrans here

Mining PRs and the Ottotrans™, Part 14

Welcome to the latest edition of our occasional series in which we take the gobbledygook news releases published by junior mining companies and translate them into something more understandable. Today's example comes from Longview Capital Partners (LV.to), a company about to change its name to Resinco. So no more bushing around the beat......

This is what they wrote:

Vancouver, BC -- Longview Capital Partners Incorporated has changed its name to Resinco(tm) Capital Partners Inc. ("Resinco" or "the Company") and has a new corporate identity. Shares of Resinco will continue trading on the Toronto Stock Exchange under the symbol LV until the end of trading on November 27, 2009. On Monday, November 30, 2009 trading will begin under the new symbol of RIN.

The new trademarked name reflects the subtle change applied to Resinco's investment mandate and emphasizes the fact that the Company will be evaluating and executing investments across a broader range of natural resource categories leveraging historical strength in hard rock minerals and precious metals and increasing the scope in the areas of rare-earth minerals, oil, gas, water and renewable energy.

The announcement was made originally by the President and CEO of the Company, John Icke, in the shareholder letter dated November 19, 2009.

"The name Resinco Capital Partners heralds a new beginning for the company," said John Icke. "The identity helps us to communicate our intent to broaden our investment scope within the natural resource sector."

The name change is one of a number of initiatives designed to reposition Resinco for sustainable success.

And this is what it means:

Vancouver, BC -- Longview Capital Partners Incorporated has changed its name to Resinco(tm) Capital Partners Inc. ("Resinco" or "the Company") and has a new corporate identity. The new trademarked name reflects the subtle change applied to Resinco's investment mandate and emphasizes the fact that the Company is fed up to the back teeth as being known as the one that Damien Reynolds drove into the ground by buying crappy uranium juniors in Paraguay.

The announcement was made originally by the President and CEO of the Company, John Icke, in the shareholder letter dated November 19, 2009.

"The name Resinco Capital Partners heralds a new beginning for the company," said John Icke. "The identity helps the market to forget about Reynolds' stupid bets and the chart below."

Mining PRs and the Ottotrans™, part 13

Here we go with another in our occasional series of looking at the gobbledygook written by junior miners in their news releases and translating it into real English. Today's episode comes from Greystar Resources (GSL.to), the company that firstfooted the Santander Norte zone of Colombia and has made snail's pace development at its Angostura project (deep in the heart of a paramilico drug running zone...but don't let that bother you....cos it doesn't bother the BS pump analysts from the Canuck houses...so why should it bother you...right?). Anyway, I digress. Let's get on with the show.

This is what they wrote:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Greystar Resources Ltd. (TSX:GSL - News; AIM:GSL) (the "Company") announced that the Company will initiate a program of metallurgical testing aimed at investigating the application of agitation leach and/or pre-oxidation as processing methods for intermediate sulphide ore at its 100% owned Angostura gold-silver deposit. Initial testing from both processing methods have shown promising results and further testing is warranted. In the Preliminary Feasibility Study published in May 2009, the intermediate sulphide ore (representing approximately 17% of the recovered gold in the mine plan) was designed to be heap leached which resulted in low recoveries of precious metals. Recent column testing using the intermediate sulphide ore to simulate heap leach conditions have returned recoveries that question the economic viability of only using heap leaching on this ore type. It is important to point out that column testing to simulate heap leach conditions on oxide and transitional ores continue to show very positive results. In addition, flotation testing for treatment of the higher grade sulphide ore to produce a gold bearing concentrate also continues to show excellent results. Given the improvement in the long term outlook for gold, the Company believes that the intermediate sulphide ore may be able to support a more robust processing method which may lead to higher economic returns for this ore type. The agitation leach and pre-oxidation testing programs will take approximately six months to complete, as such the Bankable Feasibility Study is now expected to be completed in the second half of 2010. The Company will continue with the design of the heap leach facilities for treating oxide and transitional ore as well as the grinding and flotation circuit for the higher grade sulphide ore.

David Rovig, President & CEO commented, "Our Preliminary Feasibility Study was based upon $700 per ounce of gold during the first three years of operation and $650 per ounce of gold for the remaining twelve years. These gold prices limited our options for processing of the intermediate sulphide ore at Angostura which contains approximately 2 million ounces of gold. In the current gold environment, both agitated leach and pre - oxidation offer to increase recoveries and improve the economics of this ore type and the project as a whole. If either process is adopted, design modifications such as the inclusion of a tailings impoundment would need to be incorporated in the Bankable Feasibility Study. While this testing will delay the project, the Company will continue to move forward with all other aspects of the project including geotechnical evaluations, social and environmental studies, permitting, infrastructure construction and project finance."

And this is what it means:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Greystar Resources Ltd. (TSX:GSL - News; AIM:GSL) (the "Company") announced that after all this time the Company still doesn't have a freaking clue about how it can get the gold out of this damn stupid sulphide rock, but now that gold is above $1,000/oz we have the chance to throw a couple of hundred extra dollars worth of reagents at the stuff and see if it works.

The project is now going to go through even more delays and the Company has spent the last year kicking ourselves that it didn't claim that valley just to the South of its big land package where Ventana Gold has been kicking serious ass. Mojitos served, the end.

parts 1 thru 12 of this series here